Traveltek has been around since 2002 and provides dynamic packaging technology and associated back-office functions to agents, tour operators and wholesalers.

As well as its core B2B business, it also builds consumer-facing websites.

A corporate video on its site says that it has access to 100 suppliers - GDSs, airlines, bedbanks, cruise lines etc - and that "its customers are transacting over $8 billion a year through us."

Sales for Traveltek are up 250% over the past four years.

The funding is earmarked to develop its products and to ramp up its international expansion. It currently has offices in Scotland, England, the US and Australia and wants to have a dozen around the world within three years.

It is looking to nearly double its workforce to around 200 in the same time-frame.

In a statement, Nigel Owens, investment director at YFM, makes the bold claim that “Traveltek is the only fully integrated, technology focussed packaging solution for travel agents and travel operators in the world."